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Reddev Investments, a company controlled by Zygmunt Solorz, will become the owner of 100% of the shares of Cyfrowy Polsat SA. The decision is currently pending approval by the General Meeting of Shareholders.
Finalization later this year
Both Cyfrowy Polsat and Reddev Investments are indirectly controlled by Zygmunt Solorz. On September 27, the shareholders decided to buy back all the shares that they do not currently own. Cyfrowy Polsat is currently in the hands of minority investors; over 263.8 million shares- the company has declared that it is ready to buy back just over 82.9 million of its shares at PLN 35 each.
,,We are now in a very important moment for Polsat Plus Group. Our clients face new challenges, and new challenges always create new opportunities. I will persuade the Group to take up these challenges and also open up to new areas of business” – as Zygmunt Solorz comments.
At the end of the day (September 27th), the share price of Cyfrowy Polsat was PLN 32.68 on the stock exchange. Their highest price was PLN 37.08 in the last 12 months, so the premium in relation to today’s closing price is 7.1%. The agreement also shows that the shares of Cyfrowy Polsat, apart from the company, are also to be purchased by Reddev as part of cooperation and support in carrying out the tender offer, in accordance with the law, which imposes the inability to conduct the tender offer by Cyfrowy Polsat independently.
The goal is to strengthen and increase the value of the group
The call must also be approved by the General Meeting of Shareholders, at which Zygmunt Solorz (who directly or indirectly controls 58.78% of the company’s shares) controls 66% votes. According to the management board’s estimates, the total cost of the tender offer should not exceed the total amount of PLN 2.93bn, and it includes, among others: the cost of shares, organization of bank guarantees required by law, brokerage and consulting.
“I am aware that in the face of the challenges we want to undertake, some of the current shareholders may not intend to continue to be investors in the Group. It may conclude that since the Group has reached a certain stage of development, they may wish to exit their investment without seeing themselves as shareholders of the Group, also developing its activities in new areas. Hence my proposal, which will enable the sale of shares at a fair price that we have built together so far” – emphasizes Zygmunt Solorz.
“I would like to declare that my vision of the Group’s development is solely aimed at further strengthening it and increasing the value for shareholders in the coming years. I would like to emphasize that the most important and key activity for the Group is the activity on the media and telecommunications market – for which, as I mentioned above, the Group is well prepared ” – adds at the end.